Canadian marijuana company Red White & Bloom Brands Inc. (CSE:RWB) (OTC:RWBYF) reported its financial results Monday for the fourth quarter and fiscal year 2023, revealing quarterly revenue of CA$19.9 million ($14.5 million), compared to CA$15.4 million in the same period of 2022. For the fiscal year 2023, the Toronto-based operator reported revenues of CA$88.3 million, compared to CA$87.7 million in fiscal 2022.
"RWB continued to effect value-added transformations of its business during fiscal 2023," stated Colby De Zen, president and director. "We focused on higher margin revenue opportunities and sunsetting of low margin products, as can be seen in our results, which has led to a 30% increase in gross margin with revenue only increasing marginally over the same period. Moving into fiscal 2024, the company has targeted several near-term priorities, including a fulsome restructuring of its current financing arrangements, resourcing its key business segments, both in Canada and across incumbent and prospective US states, providing a path for our company and its valued team members to achieve profitable growth and sustainable liquidity."
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Q4 2023 Results Compared To Q4 2022
- Gross profit was CA$7.4 million, compared to CA$1.3 million.
- Net loss amounted to CA$118.1 million, versus net loss of CA$206.1 million.
- Adjusted EBITDA was a gain of CA$1.7 million, compared to an Adjusted EBITDA loss of CA$3.2 million.
FY 2023 Results Compared To FY 2022
- Gross profit was CA$31.2 million, which compares to CA$22.5 million.
- Adjusted EBITDA was a gain of CA$5.5 million, versus CA$7.2 million.
- Operating expenses were CA$11.0 million, compared to CA$7.4 million.
- Net loss amounted to CA$143.6 million, which compares to a net loss of CA$242.1 million.
- At the end of 2023, the company had reported a debt of CA$240 million, compared to a debt of CA$171.8 million at the end of 2022.
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